Federal govt gives signal to reduce unnecessary taxes on businesses

  • Hamad Azhar announced the good news that the tax burden on businesses will be reduced for faster economic growth.
  • Industry is playing a key role in the economic recovery. The growth of industry components during September was 7.5 percent.
  • Tariq Misbah welcomes the decision of the government to provide electricity relief package to small and medium enterprises, which will definitely help in the development of these industries, the best policies of the government.

Federal govt gives signal to reduce unnecessary taxes on businesses

Govt gives signal to reduce unnecessary taxes

Federal Minister for Industries and Production Hamad Azhar announced the good news that the tax burden on businesses will be reduced for faster economic growth.

Addressing a function at the Lahore Chamber on Saturday, Federal Minister for Industries Hamad Azhar said that Elimination of unnecessary taxes from India will help their growth, Pakistan’s economy has performed well, the world’s economy due to the corona virus 4.5 percent while India’s economy shrunk by more than 10 percent, but Pakistan’s economy is positive growth.

Industry is playing a key role in the economic recovery. The growth of industry components during September was 7.5 percent. Consumption of cement and urea fertilizers is currently historic, with sales in the automobile sector up 43% this year compared to last year.

He said that zero rated facility for five sectors has already been abolished, now its benefit will be extended directly to exports. 13 special economic zones are being set up in Punjab while the existing zones are being improved.

Chambers and associations for skill development will be taken into confidence. New policy for SMEs will be introduced soon. The Prime Minister has set up a National Coordination Committee for SMEs to facilitate them.

Lahore Chamber President Tariq Misbah said that he welcomes the decision of the government to provide electricity relief package to small and medium enterprises, which will definitely help in the development of these industries, the best policies of the government.

Thanks to the economic recovery process has started, the growth rate of large scale manufacturing sector was negative 7.78% in 2019-20 which has become positive 4.8% in the first quarter of the current financial year.

He also appreciated the introduction of mobile device manufacturing policy by the Ministry of Industries and Production and said that the price of land in industrial areas has gone up which is affecting the process of industrial expansion.

Introduce a simple leasing policy by which existing and new industrial estates provide space for long-term leasing. The situation with regard to certification and testing laboratories is not satisfactory.

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